Lime Springs, Iowa Property Taxes
The median property tax rate in Lime Springs, IA is 1.14%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $128,110 in Lime Springs, the typical annual property tax bill amounts to $1,430, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Lime Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lime Springs or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lime Springs, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$1,460
Ownwell’s LIME SPRINGS Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in LIME SPRINGS with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LIME SPRINGS to provide an estimate of your property tax bill. This user-friendly tool is designed to help you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, which is determined by Howard County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Lime Springs, Iowa
Property taxes in Lime Springs, IA, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lime Springs is 1.16%, which is higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Lime Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lime Springs estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lime Springs' effective property tax rate to other counties in Iowa and the national median. For comparison, the 52155 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Lime Springs provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lime Springs Tax Rate
1.14%
Average Howard County Tax Rate
1.43%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lime Springs, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52155 | 0.94% | 1.05% | 1.14% | 1.25% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Lime Springs, Iowa
In Lime Springs, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Howard County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lime Springs, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Lime Springs is $128,110, with tax bills varying significantly. For instance, the 25th percentile tax bill is $878, while the 75th percentile reaches $2,296, and the 90th percentile can be as high as $3,094. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Lime Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lime Springs Assessed Value
$128,110
Average Howard County Assessed Value
$120,780
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lime Springs, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52155 | $44,046 | $74,550 | $128,110 | $199,550 | $280,598 |
Source: Ownwell
Property Tax Bills Across Lime Springs, Iowa
In Lime Springs, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value reflects the market value of the property, and the tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For homeowners in Lime Springs, the median home price is $128,110. Property tax bills can range significantly, with the 25th percentile tax bill at $878 and the 75th percentile at $2,296. The 90th percentile tax bill can go up to $3,094. Comparatively, the national median property tax rate is 0.99%, which can help homeowners gauge how their local tax rates measure up. Understanding these factors is crucial for homeowners as it impacts their annual financial planning and the overall cost of owning property in Lime Springs.
Average Lime Springs Tax Bill
$1,430
Average Howard County Tax Bill
$1,672
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lime Springs, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52155 | $463 | $878 | $1,430 | $2,296 | $3,094 |
Source: Ownwell